Fincare Small Finance Bank Ltd Fixed Deposit Interest Rates (as on 2024)
Fincare Small Finance Bank FD Interest Rates (below Rs.2 Crore) w.e.f. 28.10.2023
Tenors
Interest Rate p.a.(%) (General)
Interest Rate p.a.(%) (Senior Citizen)
7 days - 14 days
3.00
3.60
15 days - 30 days
4.50
5.10
31 days - 45 days
5.25
5.85
46 days - 90 days
5.75
6.35
91 days - 180 days
6.25
6.85
181 days - 364 days
7.00
7.60
12 months - 15 months
7.65
8.25
15 months - 499 days
7.85
8.45
500 days
8.21
8.81
501 days to 18 months
7.85
8.45
18 months 1 day - 21 months
8.11
8.71
21 months 1 day - 24 months
8.11
8.71
24 months 1 day - 749 days
8.15
8.75
750 days
8.61
9.21
750 days to 30 months
8.15
8.75
30 months 1 day - 999 days
8.11
8.71
1000 days
8.41
9.01
1001 days to 36 months
8.11
8.71
36 months 1 day - 42 months
8.25
8.85
42 months 1 day - 48 months
7.50
8.10
48 months 1 day - 59 months
7.50
8.10
59 months 1 day - 66 months
8.00
8.60
66 months 1 day - 84 months
7.00
7.60
Fincare Small Finance Bank FD Interest Rates (Rs.2 Crore to Rs.10 Crore) w.e.f. 24.10.2022
Tenors
Interest Rate p.a. (%)
7 days to 14 days
3.35
15 days to 30 days
4.45
31 days to 45 days
3.85
46 days to 60 days
4.10
61 days to 90 days
4.35
91 days to 99 days
5.45
100 days to 120 days
4.95
121 days to 180 days
4.95
181 days to 270 days
4.80
271 days to 330 days
5.30
331 days to 364 days
5.75
12 months to 15 months
6.75
15 months 1 day to 18 months
6.50
18 months 1 day to 24 months
6.50
24 months 1 day to 36 months
6.45
Fincare Small Finance Bank Recurring Deposit Interest Rates (below Rs.2 Crore) w.e.f. 28.10.2023
Tenors
Interest Rate p.a.(%) (General)
Interest Rate p.a.(%) (Senior Citizen)
7 days - 14 days
3.00
3.60
15 days - 30 days
4.50
5.10
31 days - 45 days
5.25
5.85
46 days - 90 days
5.75
6.35
91 days - 180 days
6.25
6.85
181 days - 364 days
7.00
7.60
12 months - 15 months
7.65
8.25
15 months 1 day - 18 months
7.85
8.45
18 months 1 day - 21 months
8.11
8.71
21 months 1 day - 24 months
8.11
8.71
24 months 1 day - 30 months
8.15
8.75
30 months 1 day - 36 months
8.11
8.71
36 months 1 day - 42 months
8.25
8.85
42 months 1 day - 48 months
7.50
8.10
48 months 1 day - 59 months
7.50
8.10
59 months 1 day - 66 months
8.00
8.60
66 months 1 day - 84 months
7.00
7.60
Snapshot: Fincare Small Finance Bank
Points
Details
Eligibility
Any Resident Individual, Minor with guardian, Firm, Company or Club
Minimum FD
Rs. 1,000
Maximum FD
No maximum limit FD
FD Tenure
7 days to 7 years
Periodicity of Interest Payment
Monthly (at discounted rates) or Quarterly or Cumulative
Interest to Senior Citizens
0.50% more than general FD for FD amount below Rs.1 Crore
Fincare Small Finance Bank Fixed Deposit
Fincare Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. Fincare Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.
It is very easy to open a Fincare Small Finance Bank FD either online through its website or by visiting its nearby branch.
Important Points regarding Fincare Small Finance Bank Fixed Deposit
In order to avail Senior Citizen Interest Rates, submission of age proof is mandatory.
Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate.
PAN is mandatory to book Fixed Deposits, if the total Fixed Deposit holding per customer, per branch exceeds Rs 50,000.
Premature withdrawal of funds is subject to 0.5% preclosure penalty on the applicable slab rate or
FD rate, whichever is lower.
Hassle-free premature withdrawal of deposits.
Features & Benefits: Fincare Small Finance Bank Fixed Deposit
Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
FD account can be opened online or by visiting your nearest Bandhan Bank branch.
FD Tenures: 7 days to 7 years
Different interest payout options such as monthly, quarterly, etc.
Easy and fast liquidity options are available.
Nomination facility is available.
Part withdrawal facility and auto-renewal facilities
Senior citizens can enjoy higher interest rate as compared to regular citizens.
Eligibility for Fincare Small Finance Bank Fixed Deposit
Any of the following persons can invest in fixed deposits (FD):
Individual
Minor
HUF
Proprietary Firm
Partnership Firm
Limited Liability Partnership (LLP)
Company
Association of Persons (AOP)
Body of Individuals (BOI)
Local Authority
Trust
Non-Resident Indian (NRI)
Registered Society
Documents Required for Fincare Small Finance Bank Fixed Deposit
Following Documents are required for opening a Fixed Deposit Account
Category
Documents Required
Individual, HUF, Proprietor
PAN and KYC documents
Passport size photograph
Deed of declaration of HUF
Partnership Firm
PAN and KYC documents
Partnership Deed
Letter from partners to open and operate the account
Passport size photographs of all partners
Trust
PAN and KYC documents
Copy of the Trust Deed
Copy of the Registration Certificate
Copy of the Resolution of the Trustees
Fincarethorizing the members concerned to open and operate the account
Photographs of the members operating the account
Associations, Clubs
PAN and KYC documents
By-Laws of the Association
Board Resolution to open and operate the account
Passport size photographs
Company
PAN and KYC documents
Certificate of Incorporation
Memorandum and Articles of Association
Board Resolution to open and operate the account
ID proofs of Fincarethorised signatories
Passport size photographs of directors
Types of Fincare Small Finance Bank Fixed Deposits
Fincare Small Finance Bank Smart Fixed Deposits: This is a regular FD scheme which helps you invest your idle savings to earn higher returns as higher as 9% p.a. It offers you monthly payout, quarterly payout and cumulative options. Its tenure ranges from 7 days to 7 years. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with monthly/ quarterly payout options. Nomination facility is available.
Fincare Small Finance Bank Priority Plus Fixed Deposit: This is a High ticket sized FD scheme which offers you higher returns upto 9% p.a. It offers the returns your institution deserves through our customized Bulk Deposit (For Rs 1 Crore or more). Its tenure ranges from 7 days to 7 years. You can avail flexible Interest Payout Options with our Priority Plus Deposits- monthly, quarterly, or cumulative FDs. You can invest in Term Deposits with hassle free pre-closure terms (at a minimal penalty). You can get proactive Advisory (named YOU first) to assist with most Valuable Options
TDS on Interest Earned: Fincare Small Finance Bank Fixed Deposit
Tax on interest earned on a fixed deposit shall be deducted at source on each interest payment and on interest accrued on March 31 of every year, if the total interest from all FDs with the bank for the financial year exceeds the Rs 10,000 (as specified by the income tax act)
TDS certificate for the amount deducted shall be issued by the bank
For no tax deduction at source individuals have to submit form 15G/H at the beginning of every financial year. If not submitted- TDS will be deducted. TDS certificate would be issued to the customer on quarterly basis
In case customer wants to give Form 15G/H in mid of the month / year, 5th of every month would be taken for consideration. Till the date of receipt of 15G/H, TDS would be deducted and balance period waiver would be marked from the month of submission to 31st March
Please note that TDS will be waived only up to the maximum of the income tax slab; i.e. interest income up to Rs 2.50 lakhs for individual & Rs 3.00 lakhs for Sr. Citizen, (e.g. Rs 30 lakhs*9% = Rs 2.7 lakhs, as per IT act only Rs 2.50 lakhs exempted, so this customer is not eligible for form 15 G / H)
In-case of a joint FD, TDS will be deducted in the name of the first account holder.
Interest Payment Options and Frequency: Fincare Small Finance Bank Fixed Deposit
Customer will be given the option of cumulative interest (compounding) at the end of every quarter, or payout at the end of every month, or payout at the end of every quarter
Customer has to convey his/her option at the time of opening the account. No changes shall be allowed at a later date.
Default option is cumulative interest, with interest being compounded quarterly
Any interest payouts to customers will be net of TDS.
Benefits of Senior Citizens Fincare Small Finance Bank Fixed Deposit
Senior Citizens are offered more interest rate by Fincare Small Finance Bank for FD amount below Rs.1 Crore as detailed below:
0.50% more than general FD for FD amount below Rs.1 Crore
How and when to apply for exemption on TDS?
If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.
You may refer to following table for more details:
Category
Name of Form
Exemption limit (Male)
Exemption limit (Female)
Individuals(upto age of 60)
Form 15G
Rs.2,50,000
Rs.2,50,000
HUFs, Associations, Trusts
Form 15G
Rs.2,50,000
Rs.2,50,000
Individual (age 60 years and above but less than 80 years)
Form 15H
Rs.3,00,000
Rs.3,00,000
Individual (age 80 years and above)
Form 15H
Rs.5,00,000
Rs.5,00,000
Others
Exemption certificate issued by Income Tax Officer
As per Exemption Certificate
As per Exemption Certificate
Fincare Small Finance Bank Fixed Deposit FAQ
What interest payment options are available under Term Deposit with Fincare Small Finance Bank?
Interest payment on Monthly (discounted), Quarterly and Cumulative is available under Fincare Small Finance Bank Term Deposit.
What is the minimum and maximum amount of FD in Fincare Small Finance Bank?
The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.
What is the minimum and maximum tenor for which Term Deposit can be kept with Fincare Small Finance Bank?
The minimum and maximum tenor for general/Senior citizen is 7 days and 7 years respectively.
Does Fincare Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?
Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.
When is TDS deducted?
TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.
At what rate is TDS deducted?
TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:
Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
Non-Resident Indians: 30% plus applicable surcharge and education cess
Can I apply for exemption on TDS?
Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.
Tax Implications and TDS in FD
An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year
Factors affecting Fixed Deposit Interest Rates
Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.
Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.
Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.
Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defFincarelt risks.
State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.
Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.
Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.
Fincare Small Finance Bank FD News Apr 2024
October 28, 2023: Fincare Small Finance Bank has revised its FD Interest Rates w.e.f. 28.10.2023
May 25, 2023: Fincare Small Finance Bank has changed its FD Interest Rates w.e.f. 25.05.2023
May 3, 2021: Motilal Oswal PE invests over Rs 185 crore in Fincare Small Finance Bank
April 22, 2021: Fincare Small Finance Bank has got ISO:27001:2013 certification for its improved information security management systems
April 8, 2021: Bharti AXA Life Insurance has partnered with Fincare Small Finance Bank for distribution of life insurance products through the bank's pan-India network
July 9, 2019: Fincare Small Finance Bank plans Rs 1,200 crore IPO by mid-2020
December 28, 2018: Fincare Small Finance Bank(SFB) is aiming at achieving a business of Rs 5500 crore in FY19
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings. Source: Bank Websites